REPUBLIKA.CO.ID, JAKARTA - Director of Compliance and Risk Management at Bank Muamalat, Andi Buchari said the company now prepared to become a retail bank. "We seek to increase productivity of our branches," Buchari said on Sunday.

Expansion of Bank Muamalat Indonesia has already reached to the eastern Indonesia. There are already over 100 branches owned by the company, including in Malaysia, with total customers reaches 820 thousand people.

Bank Muamalat has always been a pioneer in Islamic banking in the last 20 years. Besides the first Islamic bank in Indonesia, Bank Muamalat is also one of pioneers of Islamic insurance in the country. Not only that, Bank Muamalat is also the first bank that establishes sharia finance companies as well as the first bank to issue sukuk.

Today, national Islamic banking market share is still less than five percent but its growth reaches 30 percent per year and conventional banking 10 percent per year. Buchari said that if the growth can be maintained, the market share of Islamic banking can reach five percent this year. He added that the growth was supported by conducive regulation here. 

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